Since the beginning of the 20th century the decade with the slowest real GDP per person growth rate other than the 1930s is ________ because of the ________
A) 2000-2010; 2008/2009 deep recession
B) 1930-1940; Great Depression
C) 2010-2020; Keynesian economic policies being used more frequently than in the 1930s
D) 1990-2000; fear of Y2K
E) 2000-2010; the war on terror
A
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Refer to Figure 4-3. What area represents producer surplus at the equilibrium price of P1?
A) D + E B) D + E + G + H C) A + B + C + D + E D) A + B + D
Assume that price exceeds average variable cost over the relevant range of demand
If a monopolistically competitive firm is producing at an output where marginal revenue is $111.11 and marginal cost is $118, then to maximize profits the firm should increase its output.
The Tokyo Round of the GATT negotiations was notable because it was the first round
A) that included Japan. B) that included textiles and apparel. C) to begin establishing rules on subsidies. D) to begin discussions of exchange rates. E) to limit the tariffs of the United States.